TIDMPGM
RNS Number : 8252V
Phoenix Global Mining Ltd
11 April 2019
Phoenix Global Mining Ltd
Ticker LSE AIM: PGM, OTCQX: PGMLF / Sector: Mining
11 April 2019
Phoenix Global Mining Ltd
('Phoenix' or the 'Company')
Nigel Maund Report highlights the potential at the Empire
Mine
Phoenix Global Mining Ltd (AIM: PGM, OTCQX: PGMLF), the North
American-focused base and precious metals exploration and
development company, is pleased to announce the publication of a
report by Nigel Maund, Consultant Economic Geologist to
Phoenix.
Mr Maund is familiar with the Company's Empire Mine property,
having previously reported on it in 2015. He visited the site in
March 2019 to analyse the property in more detail, including a
review of the drill core from the Company's 2017 and 2018 drilling
campaigns, as well as earlier drilling programmes.
His full report is on the Company's website at
www.pgmining.com/research
The key findings of the report are:
-- He confirms that the Empire Mine comprises a world class
polymetallic ore system containing tungsten and molybdenum as well
as copper, gold, silver and zinc.
-- The mine is sited on a major north south structure with some
5 km of geologic strike. This compares with 1 km referred to in the
PEA (Preliminary Economic Assessment) on the heap leach SX-EW
copper project published by the Company in 2018.
-- Exploration has to date focused on the near surface oxides in
the proposed open pit as they represent potential near-term
revenue. Mr Maund is of the opinion that perhaps only 1% to 2% of
the ore system has been tested to date.
-- Exploration has so far ignored the potential much larger
copper/precious metal and base metal sulphide beneath and along
strike from the open pit. The potential of this sulphide ore system
is of the order of tens of millions of tonnes, and it is almost
certainly amenable to underground trackless bulk mining
techniques.
-- In Mr Maund's view, the Empire system bears some geological
similarities to the World Class 1 category Antamina Mine in Peru,
which is the largest porphyry - endoskarn polymetallic deposit in
the world
(https://www.teck.com/operations/peru/operations-5619/antamina/).
Dennis Thomas, chief executive, commented:
"I was pleased to receive Nigel's report which concurs with our
view that the Empire Mine is a potential world class porphyry and
integral skarn system with near surface oxide zone and a major
sulphide system beneath it. It also endorses our expansion of the
property to the north by staking additional claims over the past 18
months. This has given us a fivefold increase in the strike length
of the mineralised zones and the property now covers 8.9 square
miles.
"It also confirms the presence of tungsten, which was mined
below the open pit in 1942 before the underground mine closed. This
metal is on the list of 35 minerals deemed critical to U.S.
National Security and the Economy, with 90% of the world supply of
tungsten coming from China and Russia. The current price of
tungsten is around four times the price of copper at $25,000 a
tonne.
"We are preparing an updated measured, indicated and inferred NI
43-101 compliant resource, incorporating all previous drilling
results as well as those from the 29,228 feet (8,909 metres) 2018
drilling campaign, the results of which we intend to announce by
the end of April."
Nigel Maund
Nigel Maund BSc (Hons) Lond., MSc, DIC, MBA, F.Aus.IMM, F.AIG,
F.SEG, FGS, MMSA has 45 years industry experience as a Professional
Economic Geologist, whose consulting work has covered a broad range
of metalliferous mineral deposits globally. Amongst his
achievements, as Senior Geologist on the Olympic Dam project in
Australia for BP Minerals, he played a key role in the
understanding of the geology and mineralisation of the world class
copper/gold/uranium/ project. He has worked with RTZ Metals, Cliffs
Natural Resources and many junior sector exploration and mining
companies in both the discovery and evaluation phases of
significant projects, including the discovery of the Geita gold
project in Tanzania now owned and operated by AngloGold Ashanti,
and the evaluation and exploration of metalliferous projects in
France with BRGM. Much of his work has been on the detailed
early-stage evaluation of gold, base metal and tin & tungsten
skarns and in porphyry copper & molybdenum deposits in France,
Spain, Romania, the Philippines, Indonesia, Chile, Peru, Argentina,
the USA and Australia. Many of these projects have close geological
similarities to the Company's Empire Mine Ore system.
Under the guidelines established by the Australian Institution
of Mining & Metallurgy and Australasian Institution of
Geoscientists, he qualifies as a "Competent Person". He is a Fellow
of the Australian Institute of Mining & Metallurgy, the
American Society of Economic Geologists and the Geological Society
of London, as well as being a Member of the American Society of
Mineralogists. He also owns 51, 538 shares in Phoenix, representing
0.13% of the Company
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For further information please visit www.pgmining.com or
contact:
Phoenix Global Mining Dennis Thomas / Richard Wilkins Tel: +44 7827
Ltd 290 849 (Dennis)
/
+44 7590 216 657
(Richard)
SP Angel Lindsay Mair / Caroline Rowe Tel: +44 20 3470
(Nominated Adviser 0470
and Joint Broker)
----------------------------------- ------------------
Brandon Hill Capital Jonathan Evans / Oliver Stansfield Tel: +44 20 3463
(Joint Broker) 5000
----------------------------------- ------------------
Blytheweigh Tim Blythe / Camilla Horsfall Tel: +44 20 7138
(Financial PR) / Megan Ray 3204
----------------------------------- ------------------
Notes
Phoenix's flagship project is a brownfield, past producing,
copper, gold, silver, zinc and tungsten underground mine, the
Empire Mine near Mackay in Idaho. Phoenix acquired an 80% interest
in the property in 2015. Based on a total of 315 drill holes a NI
43-101 compliant oxide resource was completed in late 2017. A PEA
(preliminary economic assessment) for an open pit heap leach
solvent extraction and electrowinning ("SX-EW") mine was completed
in April 2018 with a design capacity of 8,000 tonnes of copper
cathode a year. In June 2018 a campaign consisting of RC and
diamond drilling was started. This programme was designed to
upgrade and increase the oxide reserves, provide samples for
ongoing metallurgical testwork, geotechnical and hydrological
studies and condemnation drilling for the heap leach pad site,
waste dump and plant site. At the same time the consultants were
appointed to complete a NI 43-101 compliant Bankable Feasibility
Study ("BFS"). The lead consultant is RPM Global who are supported
by Samuel Engineering, both based in Denver, Colorado. Cascade
Earth Sciences of Pocatello, Idaho have been working on
environmental and permitting issues since 2016 and form part of the
BFS team. Golder Associates are designing the heap leach pad and
ponds, and Call and Nicholas are carrying out the open pit slope
stability studies.
At Empire, it is estimated that only 5% to 7% of the potential
ore system has been explored to date and, accordingly, there is
significant opportunity to increase the resource through phased
exploration; the current resource relates to the oxide resource
only, which remains open along strike and does not include the
deeper, higher grade sulphides. In addition, Phoenix has increased
the claim area from 813 acres at the time of its acquisition to
5,717 acres, mainly to the northwest and west, and in so doing has
increased the potential for additional oxide and sulphide resources
to a total strike length of approximately 5.38-kilometres including
another brownfield mine, the Horseshoe Mine, which is now within
the property boundary and more than 30 historical shafts, adits on
the newly acquired Windy Devil claims.
In 2018 the Company completed 8,909 metres of drilling at
Empire. The analytical and geological data from this 93-hole
drilling program and 106 channel surface sampling programme is
currently being evaluated and modelled in preparation for a Q2 2019
updated resource calculation as part of the ongoing BFS for the
initial open pit mine. Phoenix staff and consultants are
systematically assessing and evaluating the recent data and
incorporating this data into the existing database which includes
all of the information used in the November 2017 resource estimate
and in the April 2018 Preliminary Economic Assessment.
As reported throughout late 2018, mineralised drill hole
intercepts were prevalent in multiple directions outside of the
previously modelled open pit mine, particularly to the north in the
newly discovered Red Star area. The 2018 drilling programme
obtained numerous high-grade interceptions, including grades of
12.05% copper, 20% lead, 5.83% zinc, 2.52 g/t gold and 580 g/t
silver, all of which will be included in an updated resource
estimate expected in Q2 2019. Known mineralisation now covers a
strike length of 5.38 kilometres within the Company's claim block.
The April 2018 pit design covered 1.0 kilometres of this. The
Company continues to believe that the Empire Mine Project and the
surrounding claims holdings represents a major mineralised
system.
The Company also holds two prospective cobalt properties in
Idaho, US, which are located north of the Empire Mine. These are
situated close to the town of Cobalt and are close to projects
being advanced by Canadian junior miners, including eCobalt
Solutions and First Cobalt. Fieldwork, consisting of mapping and
sampling and locating drill holes for the 2019 drilling programme,
has been completed.
With a management team that has successfully constructed,
commissioned and operated mines and low risk, mining-friendly
jurisdictions with excellent infrastructure, Phoenix is looking to
fulfil its ambitions to become a mid-tier base metal, precious
metal and cobalt production company, offering exposure to three
high value and high demand metals with compelling demand/supply
fundamentals.
More details on the Company, its assets and its objectives can
be found on PGM's website at www.pgmining.com
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